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have a client wanting to use the 72t exception will be 56 at the end of this december -2012 1-...

I have 4 IRA’s and an acct left with my previous emplyer which happens to be a TIAA account. (worked...

The unified gift and estate tax exemption is scheduled to drop from $5,120,000 to $1,000,000 as of January 1, 2013. This has prompted IRA account owners, and some advisors, to consider gifting retirement assets to children and grandchildren. For Roth IRA owners this would seem to be an especially attractive strategy. Who wouldn’t want to move an income-tax-free asset that has no step up in basis out of their estate to their beneficiaries?

Hello Alan and others My wife (62) and I (67) are both retired. She has a company 401K valued at...

I am 50 years old, working, with a 401k that has $150k in after tax basis and $25k in earnings....

We now turn our focus from the election (although the issues remain) to year-end financial planning and helping both consumers and financial advisors obtain the expert information they need to come together and form a perfect retirement team. This week's Slott Report Mailbag includes questions (and our answers) on inherited IRAs and tax forms and a 3-part question on the Roth conversion process.

Last week, Hurricane Sandy - a.k.a. Frankenstorm - pounded the eastern part of the United States. In the days since, thousands have been displaced from their homes, more are still without power and millions have been financially impacted by the storm that, by some estimates, could top $50 billion in damages. Unfortunately, many of those who’ve been affected could be about to make - or may have already made – a bad situation worse by making costly financial and tax mistakes or top of the losses suffered as a result of Hurricane Sandy.

You can’t make a traditional or Roth IRA contribution for someone who is dead. The issue comes up when someone dies, for example your spouse, and you want to make an IRA contribution for your now deceased spouse. You figure that because he/she was eligible to make the contribution when he/she was alive, you will just make it for him. You will file a joint federal income tax return for the year, and maybe even claim a tax deduction for the IRA contribution you made for your deceased spouse. Unfortunately, you are not allowed to do that.

Employee was hired at interim position at age 71 and left during same calender year so there is no 12/31...

Hello, A client wants to rollover after-tax contributions to a 401(k) to their IRA. How are these after-tax dollars tracked...